Beginner’s Guide to Mining Bitcoins

One of the biggest problems I ran into when I was looking to start mining Bitcoin for investment and profit was most of the sites were written for the advanced user. I am not a professional coder, I have no experience with Ubuntu, Linux and minimal experience with Mac. So, this is for the individual or group that wants to get started the easy way.

Bitcoin mining is a very competitive niche to get into. As more and more miners come on board with the latest mining hardware the difficulty to mine increases each day. Before even starting out with Bitcoin mining you need to do your due diligence. This means you need to find out if Bitcoin mining is even profitable for you.

The best way to do this is through the use of a Bitcoin mining calculator. Just enter the data of the Bitcoin miner you are planning on buying and see how long it will take you to break even or make a profit. However, I can tell you from the get go that if you don’t have a few hundred dollars to spare you probably won’t be able to mine any Bitcoins.

Once you’ve finished with your calculations it’s time to get your miner. Make sure to go over our different Bitcoin mining hardware reviews to understand which miner is best for you. Today, the Antminer S9 is the newest and most powerful miner.

Select miner

Released

How much electricity does your miner consume?Power consumption

Power efficiency

How "fast" can your miner mine BitcoinsHash rate

Dimensions

Weight

This does not include hardware cost, electricity cost, or changes in BTC rate and mining difficultyRevenue in vacum*

Price

Our rating of the miner taking into account all specifications aboveOverall rating

Antminer R4

August 2016

845W±9%

0.1 J/GH +9%

8.6TH/s±5%

20 x 3.9 x 8.7 inches

unknown

Based on BTC rate and mining difficulty on August 28th 20160.29 BTC/month

As a side note it’s important to state that in the past it was possible to mine Bitcoins with your computer or with a graphics card (also known as GPU mining). Today however, the mining niche has become so competitive that you’ll need to use ASIC miners – special computers built strictly for mining Bitcoins.

2. Get a Bitcoin wallet

First thing you need to do is get a “Bitcoin Wallet“. Because Bitcoin is an internet based currency, you need a place to keep your Bitcoins. Once you have a wallet make sure to get your wallet address. It will be a long sequence of letters and numbers. Each wallet has a different way to get the public Bitcoin address but most wallets are pretty straight forward about it. Notice that you’ll need your PUBLIC bitcoin address and not your PRIVATE KEY (which is like a password for your wallet).

If you’re using a self hosted wallet (i.e. you downloaded a program to your computer and are not using an internet based service) there’s one additional very important step. Make sure you have a copy of the wallet.dat file on a thumb drive and print a copy out and keep it in a safe location. You can view a tutorial on how to create a secure wallet here. The reason is that if you computer crashes and you do not have a copy of your wallet.dat file, you will lose all of your Bitcoins. They won’t go to someone else, they will disappear forever. It is like burning cash.

3. Find a mining pool

Now that you have a wallet you are probably roaring to go, but if you actually want to make Bitcoin (money), you probably need to join a mining pool. A mining pool is a group of Bitcoin miners that combines their computing power to make more Bitcoins. The reason you shouldn’t go it alone is that Bitcoins are awarded in blocks, usually 12.5 at a time, and unless you get extremely lucky, you will not be getting any of those coins.

In a pool, you are given smaller and easier algorithms to solve and all of your combined work will make you more likely to solve the bigger algorithm and earn Bitcoins that are spread out throughout the pool based on your contribution. Basically, you will make a more consistent amount of Bitcoins and will be more likely to receive a good return on your investment.

When choosing which mining pool to join you will need to ask several questions:

What is the reward method? – Proportional/Pay Per Share/Score Based/PPLNS

What fee they charge for mining and withdrawal of funds?

How frequently they find a block (means how frequently I get rewarded)?

How easy it is to withdraw funds?

What kind of stats they provide?

How stable is the pool?

To answer most of these questions you can use this excellent post from BitcoinTalk. You can also find a complete comparison of mining pools inside the Bitcoin wiki. For the purpose of demonstration I will use Slush’s Pool when mining for Bitcoins. Once you are signed up with a pool you will get a username and password for that specific pool which we will use later on.

Follow the link to go to their site and click the “Sign up here” link at the top of their site and follow their step by step instructions. After you have your account set up, you will need to add a “Worker”. Basically, for every miner that you have running, you will need to have a worker ID so the pool can keep track of your contributions.

4. Get a mining program for your computer

Now that you’ve got the basics covered we’re almost ready to mine. You will need a mining client to run on your computer to that you will be able to control and monitor your mining rig. Depending on what mining rig you got you will need to find the right software. Many mining pools have their own software like Bitminer but some don’t. You can find a list of Bitcoin mining software here.

I’m using a mac so I will use a program called MacMiner. The most popular program I’ve found for a PC are BFGMiner and 50Miner . If you want to compare different mining software you can do this here.

5. Start mining

OK, so hopefully now everything is ready to go. Connect you miner to a power outlet and fire it up. Make sure to connect it also to your computer (usually via USB) and open up your mining software. The first thing you’ll need to do is to enter your mining pool, username and password.

Once this is configured you’ll basically start mining for Bitcoins. You will actually start collections shares which represent your part of the work in finding the next block. According to the pool you’ve chosen you will be paid for your share of coins – just make sure that you enter your address in the required fields when signing up to the pool. Here’s a full video of me mining in action:

Conclusion – perhaps it’s better just to buy the coins?

To conclude this article here’s something to consider. Perhaps it would be more profitable for you to just buy Bitcoins with the money you plan to spend on Bitcoin mining. Many times just buying the coins will yield a higher ROI (return on investment) than mining. If you want to dig into this a bit deeper here’s a post about exactly that.

Bitcoin Video Crash Course

Know more than 99% of the population about Bitcoin. One email a day for 7 days, short and educational (guaranteed).

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crownmixbj

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helloo,, everyone here,, pls am new in here and i really want to know how to use miner machine,, could anyone kindly give me a tutorial to go for , thnks

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4 days 13 hours ago

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Zsofia Elek

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Hi, this post gives a basic idea about how to start mining, after reading through if you have specific questions, please let us know and we will answer.

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4 days 9 hours ago

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Carol

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Hi, please explain exactly what one’s computer is looking for when ‘mining’? What is being searched through and to find what?

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9 days 9 hours ago

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Zsofia Elek

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Many thanks but my question stands. What is being searched through and what does one find? When the ‘thing’ is found what does one do with it?

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8 days 12 hours ago

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Siraj El

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does my laptop always have to be connected to my mining rig

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15 days 4 hours ago

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Steven Hay

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Hey Siraj,
Nope, not if you have a modern mining device with an onboard controller (eg. an Antminer S7 or S9). Just connect the miner to a router so it has both internet and network access. Then configure the miner from your laptop over the network, entering its details into your mining pool of choice. Thereafter, you can remove your laptop from the network.

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14 days 5 hours ago

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MIke

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How many nonce values are there in each new block to be tested? Are there more than 1 billion?

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17 days 2 hours ago

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Steven Hay

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Hi Mike,
Yes, there are over a billion possible nonce values; nearly 4.3 billion in fact. The nonce is a 32-bit field so it has an upper value limit of 4,294,967,295. If a miner exhausts all possible nonces without finding a solution – which happens regularly – the miner requests an update from the server and then begins all over again.

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16 days 7 hours ago

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MIke

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Thanks Steven. I read a little more about the hashing algorithm, I was wondering what the distribution of block modifications from the server is for winners? I mean, how many times is the block changed by the server (then all possible nonce values run through) before a low enough hash value is found? Do you know if anyone keeps numbers on this? I’m thinking it might not look exactly random, based on how the hash works.

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15 days 20 hours ago

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Steven Hay

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Hey Mike, That would depend on two things: the speed of the miner and the current Difficulty value. Difficulty adjusts to total network hashrate about every two weeks, so as to maintain a block interval target of 10 minutes. The higher Difficulty goes, the more hashes a miner has to attempt before finding a solution, generally speaking. Of course, the higher a miner’s hashrate, the more attempts it can make per second. Bitmain’s S9 has a hashrate of ~12 Terahash / second, meaning it makes 12 trillion hash attempts per second. By referring to total network hashrate and block intervals,… Read more »

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15 days 11 hours ago

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MIke

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Thanks very much Steven.

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15 days 11 hours ago

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prabhu1955

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What is bitcoin account number and how does it will be created

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1 month 1 day ago

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Zsofia Elek

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Hi all, is the amount of bitcoins in circulation I.e in actual commercial use, always increasing? Who controls this amount in circulation to be increased in relation to the need. In traditional currencies, the country’s central bank does that. In Bitcoin world, who?.

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1 month 4 days ago

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Zsofia Elek

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Hello, i would spend about 1500$ on mining rig. And i wouldn’t pay for electricity at all. And if i get min 200$ monthly that would be cool with me. Advice?

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2 months 9 days ago

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Zsofia Elek

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is bitcoin a scam? It’s not real

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2 months 18 days ago

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Zsofia Elek

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Hey Carl, Bitcoin is not a scam, try to read around our site to get more information about it.

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2 months 18 days ago

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Matt

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Hey there Im finding it hard finding graphic cards and and hardware for mining.

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2 months 17 days ago

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Zsofia Elek

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hello zsofia, im from nepal im just new beginner i dnt know much about bitcoin.so tell me which mining is good for me.if buy antminer s9 then how will i earn monthly.please give me all information about bitcoin.

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2 months 17 days ago

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Zsofia Elek

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I am using Dell brand computer that i got some trusted information from your website. This computer configuration is very nice and update.
it is 100% working .The hardware, software, operation system are really awesome. Thanks a lot and i believe this is one of the best PC.

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3 months 26 days ago

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john andrews

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i got some 1080 ti and super coolers with newest processor can i join in someone let me know

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3 months 30 days ago

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Max

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Yeah it’s easy. Got to Minergate, create an account, download the software, and start mining. Don’t forget to install the CUDA software that came with the graphics card.

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2 months 24 days ago

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Sam

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URL?

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2 months 23 days ago

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Zsofia Elek

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Hi Sam, please note we do not allow affiliate links in the comment section.

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2 months 23 days ago

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Jyoti

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Hi,bitcoin is new for me,can you plz reply by email and tell how many things i need to gather in order to mine bitcoins,i m from india,plz suggest me something really profitable,if possible plz send your whatsapp too,thanks

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4 months 14 days ago

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Anonymous

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So this give u card information right

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4 months 7 days ago

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John Clancy

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Try coinbase or some other company for your wallet, Get a secure wallet and vault and you will have a safe place for your coins,John

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3 months 4 days ago

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Zsofia Elek

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Ok,thanks plz,i would read that.

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3 months 21 days ago

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Zsofia Elek

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speed of internet is not entirely that important more like how fast your GPU is. Although your internet speed is responsible for sending and recieving the output, the bandwidht required must be greater than the 256 sha of the hash… MEANING AS LONG AS YOUR INTERNET IS NOT LOWER THAN 5KBPS then your good.

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5 months 29 days ago

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Zsofia Elek

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Thanks for the feedback, this is a useful point of view.

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5 months 28 days ago

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molapo

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I would like to buy bitcoins, so how am I going to profit in doing so, and what are the procedures in buying andselling bitcins?

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6 months 36 minutes ago

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Zsofia Elek

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bitcoin is about to double

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8 months 7 days ago

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Patrick

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Well, you called it. How did you know?

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2 months 19 days ago

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Anonymous

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Seems to me like hackers

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8 months 20 days ago

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Rowland kingsley

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where do i go to check my balance and whats the min. payout pls…thanks

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10 months 9 days ago

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Ofir Beigel

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I’m assuming you’re referring to the Bitcoin faucet and not to Bitcoin mining am I right?

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10 months 9 days ago

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alan pedida

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Bitcoin bangkok. Am from philippines. Am new here. But maybe in nearest date i would invite you to join me.

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1 year 10 months ago

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Jeff

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Thank you for this great article.

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1 year 10 months ago

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Bitcoin in Bangkok

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I would love to join a mining group in Asia, anyone here interested?

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1 year 11 months ago

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Mukesh

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can i mine start with with two desktops?
What speed of internet connection required?
How much data it consume per day joining a pool?

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2 years 2 months ago

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M. Garcia

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I have several older/out-of-date computers just lying around. Can I setup a mining pool of my own. How would I go about doing that?

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2 years 6 months ago

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Anonymous

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IF YOU HAVE OLD GPUS YOU CAN MAKE THAT HAPPEN

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6 months 24 days ago

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BRiT

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Hi I am looking at getting in to mining. Right now my hardware/ CPU options are as follows.
iMac: 3.2GHZ Core i3 with 8GB Ram and 512MB Radeon HD5670
MacBook ProRetina: 2.4GHZ Dual-core Intel Core i5 (TurboBoost 2.9GHZ) with 4GB 1600MHz Memory and Intel Iris Graphics.
I will likely purchase some additional hardware to support moving forward but which machine would you suggest I use as my base. Also any recommendations on hardware specific to Mac would be greatly appreciated. I am looking for best bang for buck and have limited knowledge.
Thanks,

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3 years 2 months ago

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joy

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Hi Thinkwel I am very new to this bitcoin market, I found few sites who are giving away bitcoins for clicking ads and for playing games and have started earning in sathoshi I really am looking to learn on how to mine bitcoins of my own, I got into a site bitcoinplus.com I think this is a pool – but am not able to click start the generate button, it says java and java applets required, but my browser blocks running java says it is vulnerable Can you pls guide me on how to run java and use this site… Read more »

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3 years 3 months ago

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Alisa Klein

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Hello,

You mentioned solving algorithms is involved – is this something computers do or is it human brain power manually solving them? I am very def math incompetent – as in I barely passed my algebra 1 class about 30 years ago, opted out of the college path permanently and don’t even remember anything from that algebra class today. Does bitcoin mining require excellent math skills?

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3 years 3 months ago

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ProphetX

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I would like to suggest that you include a new page intended for applications developers that want to use bitcoin.

Now with stuff like Counterparty (XCP), ColoredCoins, and Mastercoin (MSC), developers can use Bitcoin to create all sorts of tokens that can be used in games, finance, content demonetization, cloud services – only our minds are the limit.

Also this is very good for miners since these protocols encourage people to pay mining fees in some instances in order for the protocols to work.

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3 years 6 months ago

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Vince Lin

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Its a setup guys. This is not the real guy

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3 years 6 months ago

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Cobra11Murderer

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ok, ive been hearing about this for years now and prob way to late into the game.. but I was wondering if I should try?

is it worth getting into a pull or no? I would guess the only thing that would eat power in my rig is the Q6600… but idk for sure.. any ideas?

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3 years 6 months ago

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Alastair Micallef

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OK i installed the client you post here but when i tried to create a new address i can’t find the new button
where is it?

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3 years 7 months ago

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Teodor

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Hi, just started to mine with a 200GHs Avalon2 miner. How can I see how much this miner is producing? I guess need to watch the interface somewhere but not sur ehow to do it. Thnks a lot!

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3 years 7 months ago

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StartBitcoin

#16683

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Head on over to the calculator page. It will calculate your potential earnings.

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3 years 4 months ago

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Albert

#16676

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Hi dear.
I have tried to mine some bitcoins, but since I installed the engine, my computer is invaded by some archive that doesn’t allow me to enter to my mail and some other pages, and it doesn’t remember the router’s code. Has it happened to any of u?
Thanks

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3 years 8 months ago

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Gabriel Ursan

#16675

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Hi!

Do you have any contact information about Slush Pool? I can’t login because it seems that CAPTCA is always invalid.

Thank you!

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3 years 8 months ago

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Kenyan_Stallion

#16674

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I’m new to Bitcoin mining and am still not entirely sure how to proceed with this.

In terms of hardware, I have a MacBook Pro but what I am concerned about most is the need for internet speed / bandwidth. In Kenya this isn’t yet as advanced as in the Western world.

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hey nice article, I am new to this bit coins stuff and don’t know much about it.I actually giving a seminar on this topic in my college,so am researching on this topic. i have read all your comments and got some info so far. but one thing I didn’t get so far is what actually happens in the mining software,you get bit coins that’s not an issue.but what does the mining software decode actually what data its working on.i saw on a video tutorial that you discover bit coins when you mine. I wanted to know ,what algorithm does it… Read more »

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3 years 8 months ago

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Suryo

#16672

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Thank you. This is the basic information I’ve been looking for. I’m registering to Slush’s pool now. Great refference.

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3 years 8 months ago

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Indonesia Ecommerce

#16671

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I just know about this bitcoin and interested to know to get the coin as online transaction. Thank for the great information so I can get starting how to begin my luck.

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3 years 9 months ago

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online payment solution

#16670

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Is bitcoin acceptable in the ecommerce industry? I still cannot find online store that accept this bitcoin as their online payment transaction. I need to dig more and review.

Cheers

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3 years 9 months ago

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Andrew Wiseman

#16668

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Thanks for this overview. What I don’t understand is what the purpose of the mining is? Your computer is solving math problems, correct, but for what? Why would the people who run Bitcoin want these problems solved?

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3 years 9 months ago

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chris

#16667

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IS even a small miner very helpful when getting started?

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3 years 9 months ago

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Jim

#16666

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Damn. Set up 3 wallets on 3 systems. 2 XP and 1 Win7. Took forever. Then got the miner and all 3 systems said nothing but Nothing to mine for 3 weeks. Went to all those FREE BITCOINS sites and am now riddled with spy ware and viruses! Got that OpenCL but, man, you got to be a programmer figure that out. Meanwhile I am watching the bit coin raise in value. I thought there was no inflation in this Bit Coin universe? Just got frustrated and removed all programs and life is simple again.

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3 years 9 months ago

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that guy

#16664

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hi.

I know youve siad gpu mining is dead. but is it worth it at all to mine with a hp laptop with a 5*** amd gfx.

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3 years 9 months ago

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Investor

#16662

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I am a an investor with a decent portfolio, and I want your opinion on ButterFly Labs mining contracts?
What are they really?
Are they profitable?

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3 years 9 months ago

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John

#16661

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Is there a walk through for setting up a mining client in linux xubuntu and windows? That works well on ATI card?

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3 years 9 months ago

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ItIsI

#16660

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People hear me,

Don’t be greedy and don’t invest ANY real dollars into this shit. It is just another pyramid scheme. A big fraud, only this time digital and over the net!

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3 years 9 months ago

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Stian

#16659

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Hi, and thanks for a truly awesome site. I am just now taking an interest in mining. Since bitcoins lately have exploded in both value and interest all around the world, and since this already has been going on a few years, I have a couple of questions. 1. Is mining still something worth starting up with? 2. What equipment would you recommend today for a budget of around $1 000 or $2 000? Or is that even enough anymore? 3. I know this might be a little sensitive, but could you possibly tell us, in all your time as… Read more »

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3 years 9 months ago

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Barroned

#16658

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I’m considering buying a butterfly labs 25gh/s , or 50gh/s. What are basic cpu requirements? can I buy a cheap netbook for example and use it with my asic to mine or do I need something more powerful
Your answer didn’t mention at all which computer I have to use????
thanks

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3 years 9 months ago

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Barroned

#16657

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I’m considering buying a butterfly labs 25gh/s , or 50gh/s. What are basic cpu requirements? can I buy a cheap netbook for example and use it with my asic to mine or do I need something more pawerfull

thanks

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3 years 9 months ago

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Robert

#16656

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I posted a question and was it listed but seems to have been deleted and not answered. I was questioning how Bitcoin would work once all 21 million Bitcoins are out?

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3 years 9 months ago

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David Mckinley

#16655

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hi sorry about typos but on mobile :) but thanks for this info. still learning bt this bn great read. :) i have few questions id like to ask (bk at desktop) if youre ok with emailing me :) thanks for info again anyway

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3 years 9 months ago

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Frankenbit

#16654

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Hi, I’m new to Bitcoin mining. First I want to say this page has a universe of info and has me feeling more prepared for bitcoin mining. Thank you for all your work on it. I have a few questions:
1. Are the Butterfly Labs 25 or 50 GH/s miners worth getting at this point?
2. Does it matter what kind of computer I hook the above miners up to? Mac/PC, processing power, ram etc?
3. Are they easy for a non-tech person to set up and connect to a wallet?

Many thanks.

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3 years 9 months ago

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brad

#16653

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im so lost….I don’t know what im doing. I downloaded easyminer I have a wallet and I have an account with you and eclipse…but I don’t know what to do next? I registered the workers on yalls. but im not seeing anything happen?